D&O (Directors & Officers) insurance coverage is an important protection for all but the smallest private companies. Exposures are evolving and claims are increasing, putting the directors and officers of private companies and the companies themselves at greater risk.

Social engineering fraud is a significant and growing threat for most businesses, along with ransomware, and some recent variations are proving sophisticated and costly. Comprehensive Cyber Risk Insurance is an important protection, but strong IT security and employee awareness are equally important. Typically, a criminal uses deceptive electronic communications to get a victim to unwittingly send information or money to the criminal.

If you make a claim under a Professional Liability insurance policy (E&O, D&O, EPL, Cyber) there is a strong possibility that you will receive a reservation of rights letter from the insurer. You will probably consider whether you should be concerned and wonder whether this is standard practice.

Ransomware attacks are increasing and becoming more destructive. Comprehensive Cyber Risk Insurance is essential to provide financial protection, but some policies do not provide full coverage for ransomware and cyber crime.

Phishing is a primary method for cyber criminals to gain access to email accounts and systems using deception rather than defeating security protections.  In most cases, the objective is to capture user credentials without the victim knowing.  Cyber criminals have found it is generally easier to deceive a victim into clicking rather than breaking through technology defenses. Make sure you are properly covered with comprehensive Cyber Risk Insurance.